Connecting your accounting software to the Hydr platform
When you connect your accounting software to the Hydr platform, you are giving us access to elements of your data which we need to enable the platform to function. The data we look at comprises invoices, bank accounts, contacts, payments and credit notes.
This enables us to observe all of your interactions with your nominated customers for the Hydr platform. The great news about this is that once you raise an invoice for a nominated customer that we can fund, we will pick this up and pay it within 24 hours without your having to re-enter the same invoice on our platform.
Setting up the integration
Once you have selected which accounting software you use, you will be directed to that provider’s login page, to enter your account details and to give us read only access. We never have access to your login page, username or password.
Once you have linked your account to Hydr, we will be able to work out which of your customers we could fund.
Reconciling invoices funded by Hydr with your cloud accounting software
Hydr has the capability to automatically reconcile your cloud accounting software data when Hydr pays the invoice to you (minus our fixed fee). Hydr also has the ability to enable you to post the fee to a chosen expense account.
- First, Log in to your customer dashboard.
- Then, click My Account.
- Click Synchronise statements.
You will then be invited to select or create the account within your cloud accounting software into which all Hydr transactions will be posted.
Select the expense account into which you want to report the Hydr fee
This option is available on the customer dashboard – you can switch it on or off at any time.
Once you have set up the functionality and Hydr has paid an invoice, we post the statement to your cloud accounting software to reflect the transaction between Hydr and you, which reconciles in your cloud account. Invoices should now be marked as paid and the fees will be recorded in your nominated expense account.
After we post the statement, you will can reconcile all transactions at a click of your mouse! Opposite, we show what this looks like within Xero.
Need some more guidance?
We are committed to answering all of your questions. Our team are just an email away.